Don’t Try to Get Rich Quick, Build Long-Term Value Instead

There's a lot of people looking for ways to make a quick buck, but what kind of price does this come at? In this entrepreneur vlog, Eric Siu shares his philosophy about how to invest in long-term strategies, and how thinking for ways to add value to your customers will pay off in the long run. So before you chase those next get rich quick schemes, start thinking about how to add value to your customers.

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Full Transcript of The Video

Speaker1: ... personal best, I was punched in the face this week. It was some guy on the street. He just hit me and I fell down. But he didn't kill me and so, you know. All good.

Speaker 2: Make sure we're protected by the zombies. But you know what really grinds my gears? I don't know if you've seen that Family Guy episode where Peter's like-

Video: You know what really grinds my gears?

Speaker 2: Especially, this is like the cryto-crowd. The cryptocurrency crowd where people are just like ... You see people who have these Lamborghinis, for example. And they've raised hundreds of millions of dollars and they don't know what do with it. They end up just running away with the money. That's great. But you end up having no concept of money. You end up having no concept of what value is. So the same thing with people that are looking to make courses really quickly. They're looking to make a course, looking to get on Ever Webinar, drive some Facebook traffic there. You sell it for $1000, $2000. And yeah, you'll make six figures, seven figures or so. But then you're on to the next thing. You just have to keep launching courses over and over and over. And then you're just in this cycle. You're not trying to build anything for the longterm. You're just trying to make money for yourself. And when you're trying to make money for yourself, it's like the early days when you're first starting out. You're just thinking about, "Oh. I want to make six figures. I want to make seven figures." It's just like, that's not how you do it.
When I think about the first podcast I did, Growth Everywhere, it was like six hours of hard work every week. I was getting no return for it. Was not getting paid from it at all. And then I was getting $9 a day after the first year. It's nothing. And then I kept doing it, kept doing it, kept doing it, and then in the second year, I was getting $30 a day, which is still nothing. Not getting paid for it. If I didn't stick with it, then it wouldn't have led to the other podcast, Marketing School. So Growth Everywhere gets about $80,000 a month. Marketing School's about $640,000. And yes, it leads to clients. It leads to speaking gigs, all this other stuff. But it just takes a long time to build. It's like any relationship.
So when people are talking about making courses really quickly or making money and then when I talk to some people who want to work with us sometimes, like, "Oh, what are you goals?" It's like, "Oh, I just want to make money." It's not about that. It's about providing value. It's not about investing in cryto, going up 20, 30, 40, 100%, 200%, because that's not longterm. It's easy come, easy go. And so what you realize from ... I did this talk with Noah [Kegan 00:02:23], he had a company he started called Gambit. It was like a Facebook gaming company I believe. And they did $30 million the first year. But easy come, easy go. They shut down and now he's building something ... The companies he's built are a lot more stable. So you think about stable. You think about being patient. You think about just kind of going with the flow and being persistent and eventually, you'll get there. Instead of just trying to make money quick. Like an easy come, easy go. Just think about being patient. Eventually, you'll get there. Think about adding value instead of thinking about yourself all the time.
The final thing I'll say is if you look at this YouTube channel for example, we have about 63,000 subscriber as of ... subscribers, that's the [fob 00:03:01] side of me, as of right now. There's actually guys commenting on every single video. This guy name Felix, thank you Felix. And it just takes time again. It's like starting from scratch again but I've done this so many times that I just know what the formula is and you just keep going and going and going and eventually it hits a tipping point and it really blows up.
So anyway, if you enjoy this video, just hit subscribe. And we'll see you in the next one. End rant.

Speaker 4: It's been a really hectic month. Like, moving in and stuff. But this last weekend was super relaxing so I guess that's a personal best for me.

Speaker 5: I think just getting to know everybody a little bit more. Kind of feeling part of Single Grade now, so it's kind of cool.

Speaker 6: Pretty normally, really interesting. But not today. I guess that is a personal best.

Speaker1: This is a personal and professional best. Winning this Merge VR headset and having Ramsey pay me to win it with bonus points. I feel really good about that. I want to say thanks to my fans and supporters.

Speaker 7: Really excited for bringing Thomas on the team. Yesterday I had an interview, like a radio interview for the movie I did and it was really cool.

Speaker 8: Personal best for the week, I was pretty much sick all last week so I didn't really do a lot. But then my mom gave me this jacket. It kind of makes me look like I'm from a Black Panther movie, so that was pretty cool.

Speaker 9: I was given constructive criticism and I feel like whenever I'm given criticism, I'm always like, "Wait. Here were my intentions and I didn't know." And then I was like, "Okay. Stop." Because one of our values is accountability.

Speaker 10: Make sure your call to action is in sync with what they get on the destination page.

Speaker 11: The other day I was buying plane tickets for the weekend to San Francisco and I just felt like they over optimize their site. They were probably looking at all this data, seeing conversion rates go up but they made the experience really shitty. They just kept upselling me every seven seconds. So I think the advice is to not lose sight of intuition when you're looking at marketing data.

Speaker 12: Me being able to empathize with the clients that are coming in, hearing their story out and stuff like that. It helps you to just kind of develop more rapport with them and understand them better.

Speaker 13: I'd say always test. Always be testing. ABT. Always be testing.

Speaker 8: A digital marketer likes the same Facebook that your Facebook ad should do four things. Educate, demonstrate, entertain, or reward. If your app's doing one of those four things, you're going to tend to see better engagement and better interaction.

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